Crypto Market Sees Broad Correction, Meme Sector Leads Decline Down Nearly 9%, BTC Briefly Drops Below $84,000

Odaily News — On September 24, according to SoSoValue data, amid a combination of factors including surging oil prices, blowout PMI readings, hawkish remarks from Federal Reserve officials, soaring U.S. Treasury yields, and the Fed's October rate hike probability rising to 70%, the crypto market experienced a broad correction across all sectors. The Meme sector led the decline with an 8.80% drop over 24 hours. Within the sector, SPX6900 (SPX) plunged 17.64%, Useless Coin (USELESS) fell 14.13%, and OFFICIAL TRUMP (TRUMP) and Pepe (PEPE) declined 10.96% and 11.50% respectively.

Meanwhile, Bitcoin (BTC) dropped 2.46%, briefly falling below $84,000 intraday; Ethereum (ETH) fell 2.65%, breaking below $2,700.

In other sectors, the CeFi sector declined 2.81% over 24 hours, with Binance Coin (BNB) falling 2.80%; the Layer1 sector dropped 3.47%, with Hedera (HBAR) down 10.66%; the DeFi sector fell 4.74%, with Uniswap (UNI) down 11.67%; the PayFi sector declined 5.42%, with Dash (DASH) down 9.53%; the Layer2 sector dropped 6.08%, with Arbitrum (ARB) down 10.91%; the AI sector fell 6.96%, though SoSoValue (SOSO) bucked the trend with a 7.02% gain.

Crypto sector indices reflecting historical sector performance show that the ssiMeme, ssiAI, and ssiLayer2 indices declined 9.29%, 8.20%, and 7.07% respectively.